Our DailyMarket Reports

Morning Gold & Silver Market Report – 6/30/2011

The weekly jobless claims report was released this morning and showed a drop of 1,000 from last week. Economists, who are constantly wrong on this subject, had expected a drop of 4,000. The unemployment rate is one reason President Obama called for another economic stimulus in a speech yesterday. In doing so, he also complicated talks to raise the debt ceiling and keep the U.S. from defaulting on its sovereign debt before the August 2 deadline that is rapidly approaching.

Clashes in Egypt have sprung up again. Five months ago, Egyptians protested and created a revolution that ousted their longtime leader, Hosni Mubarak. Now, it is not so clear why they are fighting. Some believe that “[t]he people are angry that the court cases against top officials keep getting delayed.” Others say this particular situation arose when families of those who died during the revolution complained that their relatives’ names were left out of the ceremony. Over 1,000 people were injured. In a statement, the military council said these events “had no justification other than to shake Egypt’s safety and security in an organised plan that exploits the blood of the revolution’s martyrs and to sow division between the people and the security apparatus.”

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